| Oil bears are betting the recent rally is over. Hedge funds nearly doubled their bets against West Texas Intermediate crude oil over the last month as prices pulled back from their June highs in the low $50s, according to Bloomberg data.
Short interest — betting that the price will fall further — in “black gold” is even greater than it was in January, when the price of oil plunged to the low-$30s. Bearish oil bets likely reflect traders’ belief that the supply glut will continue weighing on the market, despite chatter from some oil-rich nations about setting new limits on production to pump up prices...............................................Full Article: Source
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